Core Viewpoint - The recent departure of Gu Mai from Shangmei Co., Ltd. (02145.HK) raises questions about the company's future strategies in the cosmetics sector, particularly regarding the NAN beauty brand, which is still in its early stages of development [1][11][13]. Group 1: Departure of Gu Mai - Gu Mai, who joined Shangmei Co. in the first half of 2025 as a brand partner for NAN beauty, has left the company less than a year after his appointment, citing personal career development as the reason [1][2]. - Prior to joining Shangmei, Gu Mai held significant positions in major companies such as Mars, Unilever, Estée Lauder, and LVMH, and was known for his role in bringing international high-end beauty brands to Tmall [2][10]. Group 2: NAN Beauty Brand Development - NAN beauty, positioned as a mid-to-high-end cosmetics brand, was first mentioned in Shangmei's 2024 annual report, indicating the company's strategic expansion into the cosmetics sector [4][10]. - The brand aims to leverage the unique combination of a professional makeup artist's IP and the growing demand in the cosmetics market, which is currently seen as a blue ocean with limited competition [5][11]. Group 3: Market Context and Comparisons - The market for cosmetics in China is competitive, with brands like Mao Geping and Proya's Caitang already establishing a presence. Mao Geping's cosmetic products generated revenue of 1.422 billion RMB in the first half of 2025, accounting for 55% of the company's total revenue [5][6]. - Proya's Caitang brand, which also focuses on professional makeup artistry, contributed 705 million RMB in revenue during the same period, increasing its share of Proya's total revenue from 8.99% to 13.17% [6][9]. Group 4: Current Status of NAN Beauty - As of January 7, 2026, NAN beauty's initial product line, launched in August 2025, includes five foundation products, but the brand is still in the incubation phase with limited market penetration [12]. - The brand's Tmall flagship store has garnered a modest following, with 2,484 fans, and its top-selling products include sample sets priced at 49.9 RMB and 59.9 RMB, with sales exceeding 10,000 and 6,000 units respectively [12].

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年12月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 上海上美化妝品股份有限公司 (於中華人民共和國註冊成立的股份有限公司) 呈交日期: 2026年1月7日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02145 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 206,354,542 | RMB | | 1 | RMB | | 206,354,542 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 206,354,542 | RMB | | 1 | RMB | | 206, ...

Core Viewpoint - The departure of Gu Mai, a key partner at NAN Beauty, raises concerns about the brand's future development and the overall performance of the company, especially in a competitive beauty market [1][5][10]. Company Developments - Gu Mai has left NAN Beauty after approximately 8 months, citing a shift in personal career focus while still planning to collaborate with the company in other forms [1][5]. - NAN Beauty, co-founded by Up Beauty and makeup artist Chun Nan, is the company's first makeup brand and is seen as a significant expansion in its multi-category strategy [5][10]. Industry Context - Gu Mai has a notable reputation in the cosmetics and e-commerce sectors, having held senior positions at major international companies such as LVMH and Alibaba, where he significantly expanded the beauty brand portfolio on Tmall [3][4]. - The beauty industry is currently experiencing intense competition, making it challenging for new brands like NAN Beauty to establish a strong market presence [10]. Sales Performance - NAN Beauty's initial product launch on Douyin saw some sales, with the best-selling product being a sample set priced between 49.9 to 59.9 yuan, selling 2,301 units [6][10]. - Despite the initial sales, NAN Beauty has not yet contributed to Up Beauty's financial reports, indicating that the brand is still in its early development stage [6][10]. Financial Implications - Up Beauty's main brand, Han Shu, contributed approximately 81.4% of the company's revenue in the first half of the year, amounting to 3.344 billion yuan, with a year-on-year growth of 14.3% [12]. - The company aims to significantly develop other brands by 2026, with a target pre-tax sales of 4.36 billion yuan for brands other than Han Shu, indicating a reliance on diversifying its brand portfolio for future growth [12].

Core Viewpoint - The recent departure of Gu Mai, the former General Manager of Tmall Beauty, from the NAN beauty brand under Shangmei Group, highlights a shift in leadership within the company, which is expected to maintain stable operations despite this change [1] Group 1 - Gu Mai joined Shangmei Group in mid-2025 and has left his position within a year due to personal career development adjustments [1] - Shangmei Group stated that the brand operations of NAN beauty are running normally and the brand center team remains stable [1] - Gu Mai may still maintain a connection with the brand in other forms in the future [1]

Core Viewpoint - The Chinese cosmetics industry is projected to reach a market size of 1.1 trillion yuan, with domestic brands surpassing international brands in market share and consumer preference [1][2]. Group 1: High-Quality Development and New Productive Forces - The domestic cosmetics market retail sales are expected to reach 470 billion yuan by 2025, indicating a significant growth trajectory for the industry [2]. - New productive forces are essential for the high-quality development of the cosmetics industry, transitioning from traditional manufacturing to intelligent and lean production [4]. - New productive forces enhance production efficiency and product consistency through automation and intelligent equipment, addressing quality control challenges [4]. Group 2: Intelligent Manufacturing Practices of Domestic Brands - The past decade has seen a shift in the cosmetics manufacturing industry from experience-driven to data-driven processes, evolving through three stages: semi-automated, automated, and now data-driven intelligent stages [6]. - Leading brands like Han Shu and Pechoin have made significant investments in intelligent manufacturing, achieving production capacity increases and improved quality control [8][10]. - Domestic brands have made historical advancements in intelligent manufacturing, with automation rates rising from approximately 40% to levels comparable to international brands [10]. Group 3: R&D Innovation and Cost Management - R&D expenditure rates vary across different categories, with skincare products averaging 1.5%-5% and medical beauty products at 2%-5%, reflecting a focus on compliance and clinical data [21][23]. - Domestic brands like Han Shu and Pechoin have R&D personnel ratios comparable to international leaders, indicating strong R&D capabilities [24]. - The production cost rates for various product categories range from 15% to 30%, with domestic brands leveraging self-researched technologies and integrated supply chains to maintain competitive pricing [27][28]. Group 4: International Competitiveness of Domestic Brands - Domestic brands have achieved significant breakthroughs in the cosmetics sector, enhancing core competitiveness through new productive forces [31]. - Intelligent manufacturing has enabled micro-level quality control, establishing trust in product quality [33]. - The integration of AI and 5G technologies in manufacturing processes positions domestic brands at the forefront of global standards, driving high-quality development in the industry [33].

Core Viewpoint - The recent controversy surrounding the ingredient EGF in the core brand Han Shu of Shangmei Co. has led to significant stock price fluctuations and raised concerns about the company's future growth plans [4][5][8]. Group 1: Company Developments - Chairman Lv Yixiong announced that executive director Luo Yan purchased 364,000 shares at approximately HKD 75.5 each, totaling about HKD 66.32 million, indicating strong confidence in the company's future [2]. - The company aims to achieve a revenue target of 30 billion yuan by 2030, requiring a doubling of current revenue within five years [12][38]. - In the first half of the year, the company's revenue reached 4.1 billion yuan, with a goal of hitting 10 billion yuan in annual revenue for the new brand Newpage [11][22]. Group 2: Controversy and Market Reaction - The controversy originated from the detection of EGF in two Han Shu face masks, leading to a significant drop in stock price, with a loss of over 10 billion yuan in market value [5][8]. - Han Shu's official response included presenting third-party testing results to refute the claims, but investor concerns persisted, resulting in a 30% drop in stock price on the first trading day after the holiday [8][39]. - The Chinese Fragrance and Cosmetic Industry Association noted that there is currently no commercial ELISA kit available for testing EGF in cosmetics, which complicates the situation [9]. Group 3: Strategic Expansion Plans - The company is in a critical expansion phase, planning to launch 20 new brands between 2025 and 2027, primarily leveraging the Douyin platform for marketing [10][22]. - The company is also focusing on international markets, with a significant investment of 300 million yuan in a factory in Southeast Asia [24]. - The strategy includes hiring top talent and implementing a rigorous selection process to enhance brand development and marketing effectiveness [29][32].

Investment Rating - The report maintains a "Positive" investment rating for the beauty and personal care industry, specifically focusing on PDRN applications [6]. Core Insights - The report highlights that PDRN (Polydeoxyribonucleotide) is expected to unleash stronger commercial potential due to increasing registrations and search metrics. The extraction of PDRN is transitioning from animal sources to microbial fermentation and synthetic biology, laying a solid foundation for accelerated applications in the medical beauty and skincare sectors [3][4]. - The report emphasizes that domestic beauty companies are likely to redefine the value boundaries of PDRN, with leading firms accelerating their strategies in this competitive landscape [3][4]. Summary by Sections PDRN Overview - PDRN, derived from salmon and other sources, has a high similarity to human DNA (98%) and is known for its skin repair and cell regeneration properties. Its historical development spans from the 15th century to its current applications in medical aesthetics and cosmetics [8][13][19]. Market Growth Potential - The PDRN market is projected to grow significantly, with estimates indicating an increase from USD 0.72 billion in 2024 to USD 8.55 billion by 2031, reflecting a CAGR of 43%. The demand for anti-aging products is a core driver of this growth [8][30]. Competitive Landscape - Domestic companies are actively entering the PDRN medical and skincare sectors, with significant advancements in extraction technologies. Companies like Huaxi Biological and Lepu Medical are leading the charge in developing PDRN-based products [8][30][34]. Key Mechanisms and Benefits - PDRN operates through two main mechanisms: acting as an agonist for the adenosine A2A receptor to suppress inflammation and providing nucleotides for DNA synthesis, thus promoting cell regeneration and tissue repair [34][36]. - The primary benefits of PDRN include skin repair, anti-inflammatory effects, and anti-aging properties, making it suitable for various cosmetic and medical applications [34][39].

于上述股份增持前，罗女士曾分别于2025年12月12日、16日、17日、18日及19日使用其个人资金购入合 共47.23万股股份，总代价约为3890万港元。连同上述交易中购入的股份，截至12月29日，其本月总购 股金额约为6632万港元。 本文源自：财华网 【财华社讯】上美股份(02145.HK)公布，执行董事罗燕于2025年12月29日，在公开市场以平均价每股约 75.4608港元购入合共36.36万股公司H股，总代价约为2744万港元。紧随上述购买后，罗燕于合共286.72 万股股份中拥有权益，相当于公司已发行股本总额1.39%。 ...

上美股份(02145)发布公告,本公司董事会获本公司执行董事罗燕女士告知，罗女士于2025年12月29日在 公开市场以平均价每股约75.4608港元购入合共36.36万股本公司H股，总代价约为2744万港元。紧随上 述购买后，罗女士于合共286.72万股股份中拥有权益，相当于本公告日期本公司已发行股本总额的 1.39%。于上述股份增持前，罗女士曾分别于2025年12月12日、16日、17日、18日及19日使用其个人资 金购入合共47.23万股股份，总代价约为3890万港元。连同上述交易中购入的股份，截至本公告日期， 其本月总购股金额约为6632万港元，显示出其对本公司未来发展的强大信心。 ...

格隆汇12月29日丨 上美股份(02145.HK)公告，公司董事会获公司执行董事罗燕告知，罗燕于2025年12 月29日在公开市场以平均价每股约75.4608港元购入合共363,600股公司H股，总代价约为2744万港元。 紧随上述购买后，罗燕于合共2,867,200股股份中拥有权益，相当于本公告日期公司已发行股本总额 1.39%。于上述股份增持前，罗曾分别于2025年12月12日、16日、17日、18日及19日使用其个人资金购 入合共472,300股股份，总代价约为3890万港元。连同上述交易中购入的股份，截至本公告日期，其本 月总购股金额约为66.32百万港元，显示出其对公司未来发展的强大信心。 ...